Schmidt & Yee, P.C.FindLaw IM Template2024-03-07T19:07:44Zhttps://www.schmidtandyee.com/feed/atom/WordPressOn Behalf of Schmidt & Yee, P.C.https://www.schmidtandyee.com/?p=482432024-03-05T19:08:33Z2024-03-07T19:07:44ZTrustworthiness and responsibility
Your executor must be fully capable of handling all the duties outlined in your will. This person will manage your estate, pay off debts and distribute assets to beneficiaries. Therefore, reliability and honesty are paramount qualities.
Organizational skills
Managing an estate requires strong organizational skills. Accordingly, your executor should be able to keep track of documents and deadlines. Look for someone who is detail-oriented and can handle paperwork efficiently. This will ensure a smooth estate administration process.
Availability
Also consider whether your potential executor has the availability to fulfill these responsibilities. Someone with a busy schedule or extensive personal commitments may not be the best fit for the role. Being an executor can be time-consuming, especially during probate.
Communication skills
Your executor should be able to communicate clearly and diplomatically. They may need to mediate disputes or provide updates to interested parties. Choosing someone who can navigate these conversations with tact is helpful.
Financial knowledge
Having a basic understanding of financial matters can also be advantageous for an executor. While the person does not need to be an expert, some financial literacy is beneficial to the estate administration process.
Most importantly, make sure the person you select is willing to serve. Once you have a few worthy candidates, contact these individuals to discuss your plans. This ensures that your desired executor is ready to handle the many duties involved.]]>On Behalf of Schmidt & Yee, P.C.https://www.schmidtandyee.com/?p=482412024-02-21T03:41:35Z2024-02-23T03:41:27ZTrademarks
Trademarks are a prominent example of intellectual property. They distinguish a business's products from competitors' products and represent the company's brand identity and values.
Patents
Oregon is home to numerous businesses that rely on patents to protect their innovations. For instance, a business might hold numerous patents related to semiconductor technology. These patents would grant a company exclusive rights to their inventions.
This prevents others from manufacturing or using similar technologies without permission. Protection of this type encourages companies to invest in research and development, driving innovation in the region.
Copyrights
Copyrights play an important role in safeguarding creative works. An animation studio, for instance, relies on copyrights to protect its animated films. By securing copyrights, the studio ensures it has sole control over the reproduction, distribution and adaptation of films. This allows the studio to monetize its creations effectively.
Trade secrets
Companies rely on trade secrets to protect confidential information such as manufacturing processes and customer data. By maintaining the secrecy of such information, companies can maintain a competitive advantage in the market and preserve their unique business practices.
Intellectual property serves as an important asset for many businesses. By leveraging various intellectual assets, companies in the state can drive economic growth.]]>On Behalf of Schmidt & Yee, P.C.https://www.schmidtandyee.com/?p=482392024-02-06T19:35:19Z2024-02-08T19:35:09ZThe pre-qualification stage
Prequalification is the initial step in the mortgage approval process. During this stage, you provide basic financial information to a lender, such as your income, assets and debts. Based on this information, the lender gives you an estimate of how much you may be able to borrow.
Prequalification is typically a quick and informal process that you can complete online or over the phone. This does not guarantee loan approval, though. It is simply an estimate based on the information provided.
The pre-approval stage
Preapproval is a more thorough assessment of your financial situation by a lender. To get pre-approved for a mortgage, you will need to submit documentation such as pay stubs, tax returns and bank statements. The lender will also check your credit score during this stage.
Preapproval gives you a clearer picture of how much you can borrow and shows sellers that you are a serious buyer. Still, while preapproval is a significant step toward securing a mortgage, it does not get you over the finish line.
Final approval
Once you have found a home you want to purchase and the seller has accepted your offer, a bank or other lender will conduct a thorough review of your financial documents and the property. This process may take several weeks while the lender verifies your income, employment status, credit history and the appraisal of the property. If everything checks out, the lender will issue a formal approval.
Knowing where you are in the mortgage approval process can keep you from pushing forward with a home purchase when you are not ready to do so. You may also avoid legal disputes that drag out the sale.]]>On Behalf of Schmidt & Yee, P.C.https://www.schmidtandyee.com/?p=482352024-01-25T17:27:16Z2024-01-26T17:25:36Z1. Preserves benefits
One major benefit of a special needs trust is that it allows your loved one to maintain eligibility for needs-based government programs such as Medicaid and SSI. Nearly 30% of American adults with disabilities depend on SSI or SSDI, and almost 50% of them rely on Medicaid or Medicare coverage. Assets placed in the trust are not counted against them when determining their eligibility for these programs.
2. Shifts financial management responsibility
If you worry about your loved ones making financial decisions for a family member with special needs, you can use a special needs trust to appoint a trustee who can manage those funds appropriately. This gives you peace of mind about your loved one’s long-term stability and responsible spending.
3. Includes personalized decisions
A special needs trust lets you set guidelines for spending from the trust for your loved one's benefit. You can provide instructions on which expenses the trust should cover, such as medical bills, housing, education, recreation or other defined needs. You can also prohibit distributions that would negatively impact their benefits. The flexibility of a special needs trust allows you to make planning decisions tailored to your loved one's unique requirements.
With proper preparation using a special needs trust, you can provide for your loved one’s needs even when you cannot be there anymore.]]>On Behalf of Schmidt & Yee, P.C.https://www.schmidtandyee.com/?p=482372024-01-25T17:33:22Z2024-01-25T17:33:22ZClear language and specificity
When drafting your will, use clear and unambiguous language to express your intentions. Avoid vague terms that may lead to confusion. Clearly identify your assets and the individuals you want to inherit them. Providing detailed instructions leaves little room for misinterpretation and reduces the likelihood of disputes. Include a letter or video detailing reasons for your decisions to avoid claims you were not in your right mind while writing the will or wrote it under coercion. A doctor's note confirming your mental capacity at the time may also lend credence to the former.
Witnesses and signatures
In Oregon, having witnesses is an important element in validating your will. Sign it in the presence of at least two competent witnesses who are not beneficiaries. Make sure that all signatures are in ink and without any alterations.
Updates and special clauses
Life is dynamic, and circumstances change. Regularly review and update your will to reflect any changes in your personal or financial situation. Communicate these changes so they do not blindside beneficiaries. If you suspect anyone in particular of being more likely to contest, you can leave them a specific token amount in your will and add a no-contest clause to show that you did not forget them and incentivize them not to try to break it.
Wills can be sources of contention for both those with many assets and those with fewer ones. Contestations are not uncommon. However, by planning ahead, you can help preclude one from succeeding.]]>On Behalf of Schmidt & Yee, P.C.https://www.schmidtandyee.com/?p=482332024-01-12T16:35:47Z2024-01-12T16:35:47ZLast will and testament
A last will and testament, commonly known as a will, is a key document in estate planning. This legal paper lets you say how you want your stuff divided after you pass away. In your will, you can name someone to carry out your instructions (called an executor), list who gets your property, and even pick guardians for any kids who are still minors. A well-done will helps prevent family conflicts and ensures that your belongings get shared as you intended, providing a clear plan for sorting out your affairs.
Durable power of attorney
A durable power of attorney is a legal document that lets someone handle your finances if you're not able to. This person, known as the agent or attorney-in-fact, can manage tasks like banking and property matters outlined in the document. By appointing a trusted person to act for you, a durable power of attorney safeguards your financial interests and makes decision-making easier during times of incapacity.
Advance healthcare directive
According to the National Poll on Healthy Aging by the University of Michigan, two in three adults ages 50-80 need to complete an advance healthcare directive and durable power of attorney. An advance healthcare directive is a part of an estate plan that deals with your medical wishes when you cannot speak for yourself. This document usually includes a living will, which spells out your preferences for life-sustaining treatments, and a healthcare power of attorney, naming someone to make medical decisions on your behalf. By laying out your medical preferences in advance, you lighten the burden on your loved ones, helping them make tough decisions during difficult times.
Taking the time to compile and regularly review these documents is a responsible and considerate measure that can provide comfort to you and your loved ones in the future.]]>On Behalf of Schmidt & Yee, P.C.https://www.schmidtandyee.com/?p=482312023-12-28T20:32:24Z2023-12-29T20:32:17ZClear definition of roles and responsibilities
A proper partnership agreement outlines the positions and duties of each owner. This is paramount in avoiding misunderstandings and conflicts down the road. Knowing from the start who will do what helps establish a harmonious working relationship.
Protection of business interests
In the unpredictable realm of entrepreneurship, unforeseen circumstances often arise. A well-crafted partnership agreement acts as a protective shield for the interests of all involved parties. This contract provides a framework that safeguards the corporation against potential intercompany battles.
Financial transparency and accountability
Fiscal matters are often a source of contention between partners. Statistically, 66% of small ventures face a significant money struggle at some point. A partnership agreement establishes clear monetary guidelines. Having these details in writing promotes transparency and holds all players accountable.
Dispute resolution mechanism
Even when one has the best of intentions, conflicts can still develop. A well-drafted agreement includes an unambiguous protocol for resolving disagreements. This proactive measure reduces the likelihood of quarrels escalating into weightier problems.
Prudence suggests that you, as an independent businessperson, commit to a partnership agreement. These documents increase the odds of succeeding in the marketplace. As significant, they lower the possibility of litigation between former allies should a rift emerge.]]>On Behalf of Schmidt & Yee, P.C.https://www.schmidtandyee.com/?p=482292023-12-14T20:57:16Z2023-12-14T20:57:16ZRegulatory compliance
Transforming your independent operation into a franchise means dealing with myriad regulations. Federal and state laws prescribe specific requirements for franchisors. Failure to observe them can result in hefty fines and, in extreme cases, revocation of one's right to become a franchise.
Franchise disclosure documents
Crafting a comprehensive Franchise Disclosure Document is a necessary early step. It outlines fundamental details about the franchise opportunity, including fees and obligations. Prospective franchisees rely on the FDD to make informed decisions, so it must be accurate and transparent. Any misrepresentation or omission can lead to unwelcome legal repercussions.
Franchise agreements
The Franchise Agreement is the contractual foundation of the franchise relationship. It spells out the rights and responsibilities of both participants in the arrangement. Ensuring the agreement is fair, clearly written and legally sound remains imperative. Ambiguities or unenforceable clauses may cause disputes down the road.
Intellectual property protection
Preserving corporate identity remains a cornerstone of franchising success. Trademarks and other forms of intellectual property need diligent protection. After all, this type of crime costs the U.S. between $225 and $600 billion annually. Registering trademarks at the federal and state levels is a measure that will help safeguard your brand.
Ongoing compliance monitoring
Compliance is not a one-time affair; it requires continuous effort. Franchisors must establish systems to ensure ongoing adherence to franchising rules and regulations. Regular audits and reviews can help identify and rectify any deviations, thus mitigating the risks.
The journey from being a standalone business to a national franchise is brimming with concerns. Proceed carefully when turning your company into this sort of venture.]]>On Behalf of Schmidt & Yee, P.C.https://www.schmidtandyee.com/?p=482272023-12-07T19:27:08Z2023-12-07T19:27:08ZPreserving brand identity
Trademarks are symbols, names or designs that distinguish goods or services. They allow your business to establish brand identity and consumer recognition. To protect your company's brand, register your trademarks with relevant authorities. Consistently enforce unauthorized use to prevent infringement.
Shielding innovations
Patents protect inventions, granting exclusive rights to creations for a specified period. Businesses should carefully document their unique products and processes. You may decide to apply for patents to keep competitors from profiting from your ideas.
Design patents specifically apply to the unique and ornamental features of a product. You may want this type of patent if you invest in distinctive designs. It prevents others from producing or selling similar-looking items.
Guarding creative works
Copyrights safeguard original works of authorship. Examples include literary, artistic and musical creations. Businesses with original content should consider copyright protection. You can cover your marketing materials, software or creative designs.
Registering copyrights gives you legal standing. It also provides a basis for legal action in case of infringement.
Maintaining trade secrets
Trade secrets include confidential business information that provides a competitive advantage. You may have distinctive formulas, processes or customer lists. Robust internal controls and confidentiality agreements prevent unauthorized disclosure of trade secrets.
Implementing other strategies
Ensuring the protection of intellectual property involves proactive measures. Keep detailed records of creations, innovations and designs. This step establishes ownership, aiding legal protection.
Train employees on the importance of intellectual property. Provide clear guidelines for its use and protection.
Actively monitor the marketplace for IP infringement. Take legal action when necessary to preserve the value of intellectual property.
By understanding the various types of IP, you can shield your advantage in the dynamic business environment. Fewer than 9% of small and medium-sized businesses own a trademark or patent compared to about 60% of larger firms.]]>On Behalf of Schmidt & Yee, P.C.https://www.schmidtandyee.com/?p=482252023-12-07T19:23:51Z2023-12-07T19:23:51ZUnderstanding the importance of a clear title
A clear title helps you to avoid any future legal issues or disputes over property ownership. It guarantees that the property is free from any encumbrances or claims that could threaten your rights as the owner. Without a clear title, you might find yourself facing unexpected challenges and expenses down the road.
Checking for liens and encumbrances
Before finalizing any real estate transaction, be sure to conduct a thorough check for liens and encumbrances on the property. Liens can arise due to unpaid debts or taxes, and they can pose a risk to your ownership. An encumbrance, on the other hand, refers to any legal claim on the property, such as an easement or a right of way.
Title insurance – your safety net
One effective way to protect yourself from potential title issues is by securing title insurance. This type of insurance provides coverage for any financial loss resulting from title defects or legal issues. While it may seem like an additional expense, title insurance can be a wise investment, offering peace of mind and financial security.
Data shows that there were a staggering 5.64 million real estate sales of existing homes in 2020. However, it is important to keep in mind that not all of these transactions favored the buyer. When you are looking to purchase real estate for yourself, do your due diligence in making sure you get a good title.]]>